Rock Island daily Argus. (Rock Island, Ill.) 1886-1893, 1887-10-14
PROCEEDINGS OF THE BANKERS.


Inc shVer question:
PITTSBURG Pa, Oct 1.-THE attendance
upon Thursdays session of the American
Bankers association, which was called to or
der by President Murray at 1913 a. m, was
much larger than Wednesday, a number of
delegates having arrived since the close of
Wednesdays session. The COW ention pro
eeeded Immediately 10 business.
Judge Ewing offered the following resolu-
tions: That we favor a rapid extingns'I-
ment of the public debt, and, therefore, rec
ommend the continued purchase by the sec
Rotary Of the treasury OF the outstanding
government bonds We consider reduction
of the revenues wholly unnecessary, inexpe-
dent and unwise. Let the surplus be prompt
ly and constantly applied to the liquidation
of the debt, and let ths action of the treasury
in the work of buying the bonds be further
regulated, systematiZed and controlled by adj
ditional legislation"
The executive council reported for president
Logan G. Murray of New York, vice pres
ident for each state and territory and an ex
ecutive council headed by John Jay Knox,
gh,AeE York as chairman. The report was
Papers were read BY c. P Williams, of
Albany, n. Y, insisting that, notwithstand-
ing the decision of the court of last resort,
the taxation of national bank shares in
United States bonds without proportionate
deduction for their investment is indirect
taxation of those bonds, and therefore Illegal
and Elliott F. Shepard, of New York in
which he ably advocated his theory that
capital and labor are one"
Hon. Henry NJ Knox, superintendent of
banks and public examiner of the state of
Minnesota, read a paper explaining the char
acter, history and duties of his office, which
has supervision over fifty-five national banks
seven savings banks, the state treasury and
books and accounts OF state public iustitu-
tons. Mr.. Nelson, of Alabama offered
resolution that this association approves the
principles set forth in the paper read bv
Mr Knox. and that all states in the United
States be requested to follow the example of
Minnesota, the system to be uniform through
out Referred to the executive council
A heated debate then arose from resolu-
ton in support of the paper read Wednesday
by ex-Comptroller John Jay Knox, recon-
mendng the passage OF bill for the refund
ing of United States per cents into % per
cents. by anticipating of much of the in
terest on the As as is i'll excess of the proposed
rate. There being no prospect of a salts
factory conclusion, motion TO lay on the
table was adopted
The report on the resolution of the com
mittee on silver, which was passed Thursday
was again taken up and after brief discus
sion was adopted. The American Bankers
association has always taken the ground that
both silver and gold are required as the
money of the world, but that an interna-
tional agreement only can practically settle
the question of the relative value of gold and
silver when coined The committee further
recommended that the coinage of silver dol
lars by the United States under the act of
congress of February, 1878, be suspended I'M
til the points at issue of the silver question be
settled by international agreement The
convention then adjourned finally.